Core-Mark Holding Co. Inc.’s Board of Directors has approved a two-for-one stock split of its outstanding common shares in the form of a stock dividend.
The additional shares will be distributed on June 27, 2016 to stockholders of record at the close of business on June 9, 2016. The company anticipates its common stock to begin trading at the split-adjusted price on June 28, 2016.
Following the split, the outstanding shares will increase from approximately 23 million to approximately 46 million. The split will have no impact on the $0.16 per share cash dividend declared on May 10, 2016, which is payable on pre-split shares.
“We are excited to announce a two-for-one stock split for the second time in the past two years,” said Thomas Perkins, president and CEO. “We believe this decision reflects confidence in our business model and strength in our strategy in continuing to deliver solid results with a focus on generating significant value for shareholders.”
Core-Mark is one of the largest marketers of fresh and broad-line supply solutions to the convenience retail industry in North America.